The Central Bank of Tunisia has announced that they are to digitalise the country’s national currency, the Dinar. Working with Russian blockchain platform “Universa Blockchain“, creating the world’s first digital central currency. While the “E-dinar” is not classed as a true cryptocurrency, and is not a replacement of the traditional banking method. It is more of an evolution of the monetary system:
“Electronic banknotes cannot be faked – each such banknote, like the paper version, is protected by cryptography, it, like the paper counterpart, has its own digital watermarks. And the production of such a banknote is 100 times cheaper than wasting ink, paper, electricity for the printing press,” explained Alexander Borodich, founder and CEO of Universa.
The main aims behind the project are to help regulate the national currency, while easing trade with neighbouring countries. There is great hope that Tunisia will be able to increase trade with countries such as Algeria and Morocco. With transactions between the Central Bank of Tunisia and the International Monetary Fund currently still in testing phase, the E-dinar is still a few months away from real-time use.
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